Meaning of “owned or controlled directly or indirectly”U.K.
7.—(1) A person who is not an individual (“C”) is “owned or controlled directly or indirectly” by another person (“P”) if either of the following two conditions is met (or both are met).
(2) The first condition is that P—
(a)holds directly or indirectly more than 50% of the shares in C,
(b)holds directly or indirectly more than 50% of the voting rights in C, or
(c)holds the right directly or indirectly to appoint or remove a majority of the board of directors of C.
(3) Schedule 1 contains provision applying for the purpose of interpreting paragraph (2).
(4) The second condition is that it is reasonable, having regard to all the circumstances, to expect that P would (if P chose to) be able, in most cases or in significant respects, by whatever means and F1... whether directly or indirectly, to achieve the result that affairs of C are conducted in accordance with P's wishes.
Textual Amendments
F1Reg. 7(4): comma omitted (31.12.2020 immediately after IP completion day) by virtue of The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 6(4); S.I. 2020/1514, reg. 4
Commencement Information
I1Reg. 7 not in force at made date, see reg. 1(2)
I2Reg. 7 in force at 22.3.2019 by S.I. 2019/627, reg. 12(1)(f)